An annual premium rate of .2 percent runs 2 million a year in premium for a house valued at 1 billion rp, or roughly $100,000 US. At .3% for more inclusive insurance, that would be about 3 million a year, again for a house valued at US $100,000. That is not bad, and in line with rates expected in the West. Allianz, as you say, is a well recognized and regarded company.
It seems as though Bali has been professionally evaluated on risk potential by knowledgeable actuarial/underwriters. Too bad in a way, as I always considered this as a “fall back” position if my current endeavors didn’t work out.
A key point to mention for other readers, is that the value of land is NOT considered in insuring property. Homeowner's insurance covers loss to the erected structures, including out buildings, and their contents...normally deemed as usual contents. Contents are generally covered at one-half of the coverage for the structures. On some policies, this may be less. If their value is higher, then normally a separate rider is required, along with additional premiums, to cover them.
Another point worthwhile making is that casualty/property insurance does not allow for one to be either under, or over insured. This is due to the formulas the adjusters have to rely on when processing claims.
It’s also important to keep your insurance up to date with current construction costs unless your insurer automatically adjusts that year to year, and with slight increases in annual premiums.
Many thanks for your valuable information.
